Based on 20 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FAZ than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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High ownership — 74% of 3.0Y peak
74% of all-time peak
20 funds currently hold this stock — 74% of the 3.0-year high of 27 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 9% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold FAZ compared to a year ago (-9% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 44% buying
12 buying15 selling
Last quarter: 15 funds reduced or exited vs 12 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 5 → 6 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 20% medium
■ 25% new
11 out of 20 hedge funds have held FAZ for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
➡️
Steady discovery — ~8 new funds/quarter
6 → 10 → 5 → 6 → 8 new funds/Q
New funds entering each quarter: 10 → 5 → 6 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 11% 1-2yr
■ 19% new
Of 27 current holders: 19 (70%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
3 of 20 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.